The Ventures Corporation decided to open a branch store in Manila. Shipments of merchandise to the branch totaled P108,000 which included a 20% mark-up on cost. All accounting records are kept at the home office. The branch submitted the following report summarizing its operations for the period ended December 31, 2017: Sales on account P148,000 24, Cash sales 44,000 52, Unpaid Expenses Cash merchandise purchases End inventory (80% from HO) Remittance to HO 120,000 60, Collections on account Expenses paid 76,000 110, Required: (Answers must be in positive values) How much is the ending inventory at cost? What is the branch net income